Millikin University - Decatur, IL
PACE Financial Aid
Millikin University > Financial Aid > PACE Financial Aid

PACE is the Professional Adult Comprehensive Education Program, which provides adult learners an accelerated, timely way to complete their degree through Millikin University. Students take accelerated courses, one at a time. PACE coursework allows each student to quickly achieve his/her goal of completing a degree. Most courses are held once a week. This allows non-traditional students the flexibility to continue making a living while learning. Read more about the PACE program.

NEW beginning May 10, 2015 - FSA ID

The FSA ID - a username and password - has replaced the FAFSA pin and must be used to log in to certain U.S Department of Education websites. Create a FSA ID.

Time to FILE YOUR 2015-16 FAFSA!

It is time to file your FAFSA - Free Application for Federal Student Aid for 2015-16! Filing early is very important!  Hurry, file today, even if you have not completed your 2014 taxes, you can enter estimated figures.  Once your taxes are completed, you can login and make a correction to update your income or, use the IRS Data Retrieval.


Please be aware of SCAM *** ALERT:
If you receive a Student Financial Resource Center Form - please discard!!
This is a SCAM.  The only form you need to complete for financial aid - is the FREE Application for Federal Student Aid - FAFSA at www.fafsa.gov.


Paying by Credit Card - online only:
Effective Thursday, January 2, 2014 the Student Service Center will no longer be accepting credit card payments in person or over the phone.  In person payments will be cash or check only. If you would like to make a credit card payment, you may do so online. Log into "myMillikin" - Tools - Pay bills.

Need-Based Grants:

Federal Pell Grant

The Federal Pell Grant Program provides assistance to Millikin students who demonstrate a high financial need. Eligibility is based solely on FAFSA results and maximum award amounts are set annually by Federal guidelines.  Awards are prorated based on expected family contribution (EFC) amount and enrollment hours.

Illinois Monetary Awards Program (MAP) Grant
Illinois Monetary Awards Program (MAP) Grant—This program provides over $4 million annually to Millikin Students. The grant assists Illinois residents who attend Illinois post-secondary institutions. Eligibility is determined by the Illinois Student Assistance Commission (ISAC) based on FAFSA information and a prescribed formula set annually. For maximum award eligibility, a student must be enrolled in 15 credit hours. The award will be adjusted if the student is enrolled in less than 15 credit hours. The maximum award for 2015-16 is $4,720.

Map Disclosure

Non-Need Based Grants:

Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant - TEACH Grant eligibility at Millikin
.
 
Loan Programs:
For all Federal Student Loans, the student must be enrolled at least half time (6 credits).

Need Based Loans

The Federal Direct Subsidized Loan is based on financial need. Interest on the loan is paid by the Federal Government as long as the student is enrolled at least half-time (6 credit hours) during the term. The subsidized loan offers a 6 month grace period, before repayment on the loan is expected. The interest rate is determined each year by Federal guidelines. The interest rate is 4.29% for 2015-16.  There is a 1.073% processing fee on all loans, by the Dept of Education.

Non-Need Based Loans

The Federal Direct Unsubsidized Loan is offered to students that do not demonstrate financial need. Interest will begin accruing upon disbursement. Repayment begins six months after the student graduates or ceases enrollment of at least 6 credit hours. The interest rate is determined each year by Federal guidelines. For 2014-15 the interest rate is 4.29%. There is a 1.0732% processing fee on all loans, by the Dept of Education.                           

Independent Undergraduates Subsidized (Max.) Total (Subsidized and Unsubsidized)
First Year $3,500 $9,500
Second Year $4,500 $10,500
Third Year and higher $5,500  $12,500



Federal Direct Subsidized and/or Unsubsidized Loan  - Students

Loan Steps for NEW Students:
Log on to MU Online to accept your loans.  Complete a Direct Loan Master Promissory note and Loan Entrance Counseling at www.studentloans.gov.  Beginning May 10, 2015 - you will need a new FSA ID to sign in. Click here to get your FSA ID.

For RETURNING Students -
If you had a Federal Direct Loan last year, all you need to do is log on to MU Online and accept your loan(s).  Your MPN and Entrance Counseling are on file.

Private/Alternative Loan:
The private/alternative loans are commercial educational loans that may be used to close the gap between your financial aid and cost of attendance. Interest rates will vary from lender to lender. We have listed the lenders that our students have used over the past three years. You are not limited to these lenders. Personal research is up to each individual, as Millikin cannot advise on these products.  

Refunds
Refunds may be used for other educational expenses such as housing, meals, books, supplies, etc. If your financial aid creates a credit on your student account, a refund will be issued to you. Please complete and return a
Refund Authorization Form.  

Refunds are processed once a week. You will be notified through your Millikin email address if a refund has been processed for you. If you have any questions about your account, please contact the Student Financial Services at 217.424.6317 or email us at studentservicecenter@millikin.edu

Lenders are listed in Alphabetical Order

Anheuser-Busch Credit Union    

CEFCU

Citizens Bank - TruFit Student Loan

Commerce Bank - Smart Option Loan

cuStudentLoans - cuScholar Private Student Loan

Discover Student Loans

Interra Credit Union

Iowa Student Loan

Northwest Federal Credit Union

PNC Bank

Regions Bank - Smart Option Loan

Sallie Mae 

Student Loan Finance - iHelp Loan 

Sun Trust Bank

University of Illinois Employees Credit Union

Wells Fargo

(Updated on 04/07/15



Book Vouchers
If you have a credit on your account you may be eligible to receive a book voucher. Book vouchers allow you to purchase your books prior to your refund. You can stop by the Student Financial Services and request a book voucher, if you anticipate a credit.
If you owe on your account you are not eligible to receive a book voucher.

 

 
 
Millikin University - Decatur, IL
 
Millikin University - Decatur, IL